# Problem 2 (20 points). A university endowment fund is a collection of donations ofmoney or property to the university. Universities invest this money per directed bydonors or as they see fit. More information on what endowments are and what they docan be found here: https://www.investopedia.com/ask/answers/how-do-university-enBelow is a subset of Midwestern universities and their endowment funds for fiscal year2018:Endowment FY2018 (millions of dollars)InstitutionUniversity of MichiganNorthwestern UniversityUniversity of ChicagoOhio State UniversityUniversity of MinnesotaUniversity of Wisconsin foundationMichigan State UniversityUniversity of IowaUniversity of CincinnatiIowa State UniversityOklahoma State UniversityMedical College of WisconsinOberlin CollegeMarquette UniversityLoyola University of ChicagoUniversity of WyomingKansas State UniversityIllinois Institute of TechnologyHope CollegeRockhurst UniversityUniversity of Detroit Mercy11901.7611087.4597928.4855211.4343717.4762985.2512907.7671500.5461367.4261063.772983.881930.961905.947668.567643.806513.201480.375235.271225.65633.19958.674(a) Calculate the five-number summary for this data set, and give a boxplot. Commenton observations.(b) Find the 6oth percentile of this dataset./5

Question
Asked Dec 6, 2019
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Can you do Problem 2 questions (a) and (b)?

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Step 1

(a)

The first quartile of the given funds is 513.201 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,1)”. Here, the column I represents the funds.

The second quartile of the given funds is 983.881 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,2)”.

The third quartile of the given funds is 2985.251 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,3)”.

The minimum value of the given funds is 33.199 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,0)”.

The maximum value of the given funds is 11901.76 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,4)”.

The five-number summary for the given data set is,

Minimum value:                    33.199

First Quartile:                      513.201

Median or second quartile: 983.881

Third Quartile:                   2985.251

Maximum value:              11901.760

Step 2

Boxplot for the given observations:

Steps to construct box plot:

• Select the data for funds in Excel.
• Go to Insert.
• Select box under Charts.

Excel Output:

Step 3

From the boxplot, it is clear that there are three observations lies apart from the remaining data values. That is, three observations are treated as outliers. Hence, there ar...

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